Kessler Topaz Meltzer & Check Files Securities Fraud Suit Against AST SpaceMobile
News related to:AST SpaceMobile, Inc · 2 min read
On September 19, 2026, Kessler Topaz Meltzer & Check, LLP, a nationally recognized securities litigation law firm, announced the filing of a securities fraud class action lawsuit against AST SpaceMobile, Inc. (NASDAQ: ASTS). The lawsuit is filed in the United States District Court for the Western District of Texas and is captioned Hunter v. AST SpaceMobile, Inc., No. 26-cv-00378 (W.D. Tex.).
The class period for the lawsuit spans from March 4, 2025, to July 15, 2026. Investors who purchased or acquired AST securities during this period are eligible to participate in the lawsuit. The deadline to seek lead plaintiff status is November 13, 2026.
The lawsuit alleges that AST SpaceMobile, Inc. made material misstatements and/or omissions concerning the company’s capital and liquidity position. Specifically, the complaint states that the company failed to disclose that its increasing capital requirements were likely to increase the company’s debt load and share dilution more frequently and at a greater scale than previously communicated to investors. Additionally, the lawsuit claims that AST overstated the sufficiency of its capital and liquidity position to achieve its strategic and business goals, as well as the durability of its competitive position in the satellite D2C market. The complaint also mentions that even following the EchoStar Transaction, the company continued to overstate its competitive position.
Between September 8, 2025, and July 15, 2026, a series of stock downgrades and company disclosures caused AST’s stock price to fall significantly. On January 7, 2026, Scotiabank downgraded AST to sell, citing significant competition from SpaceX's Starlink, slow customer adoption, and delays in launching AST's satellites. Then, on July 15, 2026, AST issued a press release announcing the pricing of $1.0 billion aggregate principal amount of 1.625% convertible senior notes due 2034. Following these disclosures, AST’s Class A common stock price fell $11.30 per share, or 17.04%, to close at $55.01 per share on July 16, 2026.
The complaint in this matter was not filed by KTMC. The firm operates globally with offices in Pennsylvania and California and has been recognized by peers and the legal media with numerous accolades, including being recognized in Chambers & Partners USA 2026 as a Band 1 Top Firm in Securities and Class Actions, Legal 500’s Tier 1 Rankings for Securities and M&A Litigation, The National Law Journal’s Plaintiff’s Hot List and Trailblazers in Plaintiffs' Law, BTI Consulting Group’s Honor Roll of Most Feared Law Firms, The Legal Intelligencer’s Class Action Firm of the Year, Lawdragon’s Leading Plaintiff Financial Lawyers, and Law360’s Titans of the Plaintiffs Bar.